Liftoff: Fed raises rates for first time since '06

December 16, 2015 7:03 PM

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The nation's recovery from the Great Recession reached a historic milestone Wednesday as the Federal Reserve raised interest rates for the first time in nearly a decade, ending an extraordinary era of easy-money policy.

The modest ¼ percentage point increase in the Fed's benchmark rate was widely expected and accompanied by signals that Fed policymakers intend to nudge up rates even more gradually than anticipated the next few years. That's a nod to inflation that remains unusually low and vestiges of the downturn ...